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Sydney with the help of foreign investors has spearheaded a rebound in the prestige residential property market across Australia’s eastern seaboard, according to Ray White.
Ray White Commercial Head of Research, Vanessa Rader, said during 2014 there was a record sale in Sydney of 19 homes worth more than $15 million with the total volume of sales in that price bracket worth just under $433 million.
“Across Sydney the increase in foreign investment activity has resulted in a sizeable increase in high ticket property changing hands with the volumes increasing, particularly in the plus $20 million price range,” Ms Rader said in the Between the Lines East Coast Australia Prestige Residential report.
“Of the 19 plus-$15 million sales in 2014, 11 were more than $20 million, representing a new high for these quality residences.
“Eight of the sales were reported as being by overseas buyers including the $39 million Villa del Mare in Point Piper, which is back on the market after not being granted Foreign Investment Review Board (FIRB) approval.
“The highest value sale in Sydney was $52 million for the Altona (pictured) property, also in Point Piper.”
Ms Rader said prestige property sales in other states did not match the value of a truly global city such as Sydney and the attractions of property along Sydney Harbour.
She said Melbourne achieved 74 sales of more than $5 million in 2014, with one sale of more than $20 million – the $23.3 million sale of 14 St Georges Road, Toorak.
Ms Rader said there was a sizeable increase in the volume of transactions in Queensland with 33 transactions in 2014 of more than $5 million, mainly in Brisbane and the Gold Coast.
“There were two property sales recorded over $10 million during 2014. ‘Windermere’ in Sutherland Avenue, Ascot, was reported as selling for $10.2 million to a domestic buyer; while the reported $14 million property at Aaron Street, Hawthorne, was sold to Gina Reinhart, this the largest transaction in Brisbane over the last five years.”
We are so proud to support the Gidget Foundation, so they can, in turn, support more expectant and new parents experiencing perinatal depression and anxiety.
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